Business Update Week 38 2022

19/09/2022 | My Bookkeeping Buddy

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

All big four banks now aligned with Reserve Bank’s rate rise

After last week’s decision by the Reserve Bank to raise the official cash rate to 2.35 per cent, Westpac is the last of the big four banks to raise its interest rate to align.

Public holiday may hurt small businesses, critics say

Government announced that Australia will observe a public holiday on September 22 to mourn and honour Queen Elizabeth II. However, not everyone is enthused – critics say that a forced closure will be hard on already-suffering businesses.

Summit makes it clear that we need more women in the workforce

The Jobs and Skills Summit was held earlier this month, and was meant to address unemployment and labour shortage concerns. Some say it’s a start, but to see real improvement, we need more women in the workforce immediately.

Government seeks to ease housing crisis with new law

Labor is expected to introduce a new law this week that would seek to encourage pensioners to downsize, freeing up their large homes for younger families.

Aussies struggling with rental housing hikes

Renters in most areas are faced with an impossible situation. With the price of everything going up, landlords are telling renters to either pay more or get out once their leases are up. Some are reporting increases of hundreds of dollars per week.

Calls to extend fuel excise cut go unanswered

The fuel excise cut is set to expire on September 29, and the government has made it clear that it won’t be extended. Many are concerned about an economic ripple effect – people may stop spending in retail in restaurants if they can’t afford to drive anywhere.

How the government could help small businesses as inflation rates rise

Inflation is painful for small businesses, but there are ways to ease the sting. SmartCompany has rounded up three ways the government could help protect Australian businesses from inflation.

Construction growth falls in June quarter

While the Australian economy grew overall last quarter, the construction industry took a bit of a hit. Skills shortages, supply chain disruptions, and inflation-affected material costs combined to deliver the blow.

How China’s economy affects Australia

China’s economy has been under close watch as it adapts to evolving Covid-19 restrictions, property market fluctuations, and population changes. Find out why all this matters to Australia here.

Money will change eventually, but not anytime soon

With the death of Queen Elizabeth II on September 8, Commonwealth nations around the world began to wonder what will happen to the existing coins that bear the queen’s likeness.

ATO Lodgement Dates

These dates are from the ATO website and do not take into account possible extensions. If you are a My Bookkeeping Buddy Client you may be entitled to an extension. You remain responsible for ensuring that the necessary information is with us in time.

Final dates for lodgements and payments:

BAS/IAS Monthly Lodgements
August 2022 Activity Statement: 21 September 2022

BAS Quarterly Lodgements
1st Quarter 2023 (incl. PAYGI): 28 October 2022
When a due date falls on a Saturday, Sunday or Public Holiday (a day that is a public holiday for the whole of any state or territory in Australia), you can lodge or pay on the next business day.

Superannuation Guarantee contributions:
1st Quarter 2023: 28 October 2022
(Contributions must be in the fund by this date. Late payments of superannuation are not tax deductible. If your business has overdue superannuation guarantee payments and you are unsure of how to proceed, please contact us to discuss.)

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